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The U.S. stock market experienced a mixed session as of midday Tuesday, with major averages trading flat, while small caps in the Russell 2000 staged a strong rally fueled by the resurgence of regional banks.
The SPDR S&P Regional Banking ETF (NYSE:KRE) was up 5.2% in the session, with BankUnited Inc. (NYSE:BKU) is leading gains, up by 9.7%, followed by Independent Bank Corp. (NASDAQ:INDB) (8%), PacWest Bancorp (NASDAQ:PACW) (7.4%), Zions Bancorporation (NASDAQ:ZION) (6.9%), Comerica Inc. (NYSE:CMA) (6.4%), and Western Alliance Bancorporation (NASDAQ:WAL) (5.6%).
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Coinbase Global Inc. (NASDAQ:COIN) plummeted 14%, as the company is being sued by the SEC for allegedly operating an unregistered securities exchange. This comes just a day after the SEC filed a similar charge against Binance.
Apple Inc. (NASDAQ:AAPL) has continued to fall following the launch of Vision Pro, the company's first augmented/virtual reality headset priced at $3,499, as the new product generated some disappointment among Wall Street investors.
Cues From Tuesday's Trading:
The S&P 500 index was flat for the day, the Dow Jones Industrial Average traded 0.1% lower, while the tech-heavy Nasdaq 100 index fell 0.16%. Small caps in the Russell 2000 index soared 2.5% during the session.
| Index | Performance (+/-) | Value | |
|---|---|---|---|
| Nasdaq 100 | -0.16% | 14,540.28 | |
| S&P 500 Index | +0.06% | 4,274.19 | |
| Dow Industrials | -0.15% | 33,511.16 |
Analyst Color:
The next important milestone remains the Fed, where there is certainly a risk that a rate hike could cause a meaningful pullback, said fund manager Louis Navellier.
A pause, which is currently a 70% bet, could trigger a further relief rally, he said. “With the non-FANG P/E still at 15X, there remains room for the rest of the market to move up,” he added.
Comerica’s John Lynch has more muted expectations. The analyst anticipates the Fed will remain steadfast in policy pursuits, as elevated interest rates and tighter credit standards weigh on economic activity for the remainder of the year.
"Falling corporate profits historically have led to reductions in employment and capital expenditures, and we see no reason why this experience should prove any different," he said.
“Therefore, it is conceivable that we will need to retest the October equity market lows before investors reprice a recovery in GDP and corporate profits next year.”
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Tuesday's Trading In Major US Equity ETFs: In midday trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) was flat at $427.12, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) fell 0.2% to $335.40 and the Invesco QQQ Trust (NASDAQ:QQQ) was 0.3% lower to $353.53, according to Benzinga Pro data.
The Health Care Select Sector SPDR Fund (NYSE:XLV), the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) and the Technology Select Sector SPDR Fund (NYSE:XLK) were the underperformers, down 1%, 0.9% and 0.5% respectively.
The Financial Select Sector SPDR Fund (NYSE:XLF) outperformed, up 1.1%, followed by the Real Estate Select Sector SPDR Fund (NYSE:XLRE), up 0.8%.
Latest Economic Data:
The IBD/TIPP Economic Optimism Index in the U.S. made a modest uptick, reaching 41.7 in June 2023 compared to 41.6 in May, but well below the expected 45.2.
Stocks In Focus:
- Thor Industries, Inc. (NYSE:THOR) rose nearly 17% after reporting better-than-expected results last quarter.
- Unity Software, Inc. (NYSE:U) fell over 7%, halving Monday's 17%+ rally on Apple, Inc. (NASDAQ:AAPL) Vision Pro partnership.
- J.M. Smucker Co. (NYSE:SJM), and Casey’s General Stores, Inc. (NASDAQ:CASY) are among the notable companies reporting earnings on Tuesday.
Commodities, Bonds, Other Global Equity Markets:
Crude oil held steady, with a barrel of WTI-grade crude trading at $71.95. The United States Oil Fund ETF (NYSE:USO) ticked 0.1% higher to $64 per share.
Treasury yields slightly rose, with the 10-year yield up by 2 basis points to 3.70% and the two-year yield up 5 basis points to 4.52%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) was 0.3% higher for the day.
The dollar strengthened, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), up 0.2%. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was 0.2% lower to 1.0685.
European equity indices were slightly higher. The SPDR DJ Euro STOXX 50 Etf (NYSE:FEZ) was flat.
Gold edged up 0.1% to $1,964/oz. The SPDR Gold Trust (NYSE:GLD) was 0.1% higher to $182. Silver ticked 0.3% up to $23.59, with the iShares Silver Trust (NYSE:SLV) up 0.1% to $21.67 per share. Bitcoin (CRYPTO: BTC) rose 2.8% to $26,435.
Staff writer Piero Cingari updated this report midday Tuesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.